CNOOC Posts Record First Half Profit of $12.9 Billion, Up 23 Percent, as China Pumps More Oil at Home

China National Offshore Oil Corporation (CNOOC) released its first half financial results on Wednesday, 4 Shahrivar 1405 (August 26, 2026). According to the report, carried by Oilprice.com, net profit attributable to shareholders rose 23.4 percent year over year to 85.8 billion yuan (about 12.9 billion dollars), while oil and gas sales revenue climbed 20 percent to 206.1 billion yuan.

The biggest driver, the report said, was a 23.6 percent rise in CNOOC's average realized oil price to 85.49 dollars a barrel in the first six months of the year, a trend that followed the start of the Iran war. Net oil and gas production also rose 3.7 percent to a record 398.7 million barrels of oil equivalent, of which 275.2 million barrels were produced domestically in China. The report said Beijing has for years pushed its state oil companies to raise domestic output and reduce reliance on imported energy, a strategy that has taken on renewed urgency since the Iran war disrupted traffic through the Strait of Hormuz, one of China's most important oil supply routes.